GK Energy Limited shares have surged 5% after the company announced that it has received a Letter of Empanelment (LOE) from a State Government-owned power distribution utility for execution of grid-connected
Rooftop Solar Photovoltaic Projects.
In an exchange filing issued on August 27, the companys aid that under the said empanelment, GK Energy has been allocated 100,000 grid-connected rooftop solar photovoltaic projects of 1 kW each, aggregating to 100 MW to be installed at 1 lakh households.
Scope Of Work
The letters have been issued at a contract rate of ₹45,450 per kW including GST. This takes an aggregate contract value of approximately ₹454.50 crore, including GST.
The scope of this work includes design, engineering, supply, installation, testing, and commissioning of grid-connected rooftop solar PV systems along with operation and maintenance for a period of five years.
The Pune-based company is expected to complete the order within 60 days of the issuance of the work order.
Here's GK Energy's Q1 Performance
The company reported its results in the first week of August. In the first quarter of FY27, the consolidated net profit jumped 54% year-on-year. The profit figure rose to ₹57 crore from ₹37 crore. Meanwhile, revenue also grew, rising 55.4% to ₹505 crore from ₹325 crore.
Furthermore, Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA, rose 44% to ₹82.4 crore. However, the EBITDA margin slipped to 16.3% from 17.6% a year earlier.
Stock Performance
The company's shares have surged over 5% today. The shares are on a winning streak, making gains for 4 sessions in a row. Over the past 6 months of trade, the company's shares have seen a rise of over 26%. However, the stock is trading at a 41.56% decline from its 52-week high of ₹239.6 per share. The current stock is at ₹140.40 per piece.
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